GBP/USD – 30M – BUYThe pair British Pound/US Dollar (GBP/USD) breaks through the descending trendline up.
A bullish ascent upwards to the next resistance line at 1.23229 is expected.
Caution: A possible counter-trend in the direction of the support level at 1.22381 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Three Outside Up’ candle chart pattern is existing. The chart shows ‘Three Outside Up’. which is a positive pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.24938 |
| 2nd High | 1.23768 |
| Next High | 1.23229 |
| Current Price | 1.23066 |
| Next Low | 1.22381 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – GBP – GBP/USD – USD – Three Outside Up